June 6, 2019 / 11:35 AM / 3 months ago

BoE's Carney says rate rises remain likely - annual report

FILE PHOTO: The Governor of the Bank of England, Mark Carney speaks at an FT event in London, Britain February 12, 2019. REUTERS/Hannah McKay

LONDON (Reuters) - Britain’s central bank is likely to continue to need to raise interest rates if the country leaves the European Union smoothly, Bank of England Governor Mark Carney said in a foreword to the BoE’s annual report.

“The Committee is likely to have to raise interest rates further in order to keep inflation at target. Any rises in interest rates are expected to happen at a gradual pace and to a limited extent,” Carney said, sticking to language used in the BoE’s last economic update on May 2.

The foreword to the annual report, which the BoE published on Thursday, was dated May 21.

Reporting by David Milliken; editing by Stephen Addison

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